11,837 Shares of Fifth Third Bancorp $FITB Bought by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 11,837 shares of the financial services provider’s stock, valued at approximately $599,000.

A number of other hedge funds have also modified their holdings of the company. Wellington Management Group LLP raised its position in Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after buying an additional 3,972,795 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $1,324,903,000. Bank of America Corp DE acquired a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $995,717,000. Dimensional Fund Advisors LP boosted its position in Fifth Third Bancorp by 30.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider’s stock worth $507,151,000 after acquiring an additional 2,569,479 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider’s stock worth $416,241,000 after acquiring an additional 1,049,520 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group lowered their price objective on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. JPMorgan Chase & Co. boosted their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. UBS Group reduced their target price on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a report on Monday, October 5th. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They issued a “buy” rating and a $60.00 target price for the company. Finally, Stephens lowered their price target on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.87.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the sale, the executive vice president owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Performance

FITB opened at $53.14 on Monday. Fifth Third Bancorp has a 52-week low of $40.68 and a 52-week high of $59.50. The firm has a market capitalization of $48.02 billion, a PE ratio of 17.83, a PEG ratio of 1.09 and a beta of 0.98. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business’s 50-day simple moving average is $52.66 and its 200 day simple moving average is $52.15.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $0.86 by $0.27. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business’s quarterly revenue was up 42.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.42 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.

Fifth Third Bancorp Company Profile